Will I or Not?

Written by Chris Uhl
The information contained herein is only to inform the public and does not create an attorney client relationship with the reader. You should always consult an attorney when seeking legal advice.

Do I need a will ? The quick easy answer is that you do not need a will. A quotation attributed to many famous people sums it up: "There are only two things in life you must do; die and pay taxes." The Massachusetts General Laws (M.G.L.) Chapter 190 Section 1, have provisions for those who die intestate (meaning without a will). Do you really want to trust the Courts and Government to decide how to disburse your assets ? In your case there are many different possible scenarios, to divide your assets upon death depending if you have living brothers, sisters or parents and are still married. Let me outline a few possibilities, using the Statute:

1. If you have no living children, parents, brothers or sisters and are still married at your death, then your assets would be used first to pay your personal debts (such as funeral expenses, car loan, credit cards, & mortgage). Your husband would receive all your remaining assets. No written will is needed in this case. Your husband will be happy that no restrictions will be placed on him because now he has all the money.

2. If upon your death you are married, have two children and no other living heirs, your assets would be used to pay your personal debts (such as funeral expenses, car loan, credit cards, & mortgage). Then, your husband would receive 50%, with each child receiving 25% of all your remaining assets. If the house mortgage was in both names, the bank could call the note and it would be payable in full. Most likely the bank would not do this and your husband would become liable for the full amount of the mortgage. How would you feel leaving your husband that big bill ? Imagine giving your 18 year old $50,000 ! Again, no will would be needed.

3. If upon your death, you are still married, have a living brother and no children, your assets will be used to pay your personal debts (such as funeral expenses, car loan, credit cards, & mortgage). Your husband would receive the first two hundred thousand dollars (If assets total $200,000 or less husband gets it all.) and 50% of all your remaining assets. Your brother would receive the remaining 50% of your assets. Here you may need a will, unless you want your brother to receive an equal share to your husband and have plenty of assets. What happens if you have several brothers and sisters who want the money ?

You can see it is far more intricate then expected because there are multiple fact possibilities. That is why you need a WILL. You should keep in mind that a will is not the only device available to you. If your assets after debt payment are valued at more than $600,000 per person then you have an Estate Tax problem and may need a Trust.

In today's competitive market, there are plenty of competent lawyers who will provide you with a valid simple will for $100 to $300. In a will, you designate what happens to your property. You would be foolish not to invest the small amount of time and money in a will, that is unless you don't care. Remember you will be dead and not facing all these problems. When you are gone your Heirs will be the only people with standing (authority) to contest your wishes. Most of them WILL !

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